Home > Blog > Research > Research Report: Main Street Complex plc
We are initiating our coverage on Main Street Complex plc (“MSC” or the “Company”) with a Sell recommendation and a 12-month price target of €0.52. MSC is currently trading at 31.4x earnings (2019 LTM). Based on our 2019 projected earnings and the current price, the forward P/E ratio is at an elevated level of 28.2x, which is higher in comparison to peers (TML: 21.6x and PZC: 22.3x). Nevertheless, we are of the view that the Company’s share price of €0.60, which is below IPO price of €0.65, already reflects the rental income expected to be generated by MSC in the foreseeable future. A major concern associated with the Company’s overall operations stems from the increasing popularity of e-commerce which may negatively impact the performance of retail outlets. This concern is sustained through the mall’s location and through the threat of new entrants in the shopping mall sector. Click HERE to access the full report.

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